FirstBank halts core migration amid PNC acquisition

PNC ’s acquisition of FirstBank , announced Sept. 8 would see the banks’ full integration by midyear 2026. The deal , with an estimated value of $4.1 billion, halted FirstBank’s core migration plans, FirstBank Chief Information Officer Christian Winward told Bank Automation News . “FirstBank was in the process of migrating to Finxact , but that project had not yet been completed,” Winward said. With the acquisition, $26.8 billion Lakewood, Colo.-based FirstBank will transition away from its internally built legacy core system, he said. “We know our core system inside and out, which means we can ensure a smooth integration with PNC,” Winward said. “Our top priority is making sure customers experience a seamless transition, with the same reliability and service they expect from FirstBank, while gaining the added benefits of PNC’s scale and expanded offerings.” The $556 billion PNC did not name its core provider . PNC reported an efficiency ratio of 60% in the second quarter, a setback from 58.3% during the same period last year, according to BAN ’s Efficiency Ratio Dataset. FirstBank’s Q2 efficiency ratio clocked in at 56.9%, an improvement from 57.8% during the same period last year, according to BAN ’s dataset. M&A on the rise The acquisition follows the Sept. 4 announcement of Fiserv’s acquisition of merchant platform CardFree . The deals support a busy summer of M&A, according to S&P Global ’s Aug. 12 U.S. Bank M&A Activity report. In July, 26 bank deals were announced, the most M&A activity since June 2021, when 27 deals were announced. Deals from the summer include: Pinnacle Financial Partners to acquire Synovus Financial for $7.9 billion; Huntington to acquire Veritex Holdings for $1.9 billion; Commerce Bancshares to acquire FineMark Holdings for $580.9 million; and Bank First to acquire Centre 1 Bancorp for $106 million. Financial institutions attribute expansion of footprint, product and technology to their acquisition strategies. Check out our exclusive new bank industry data here .

FirstBank halts core migration amid PNC acquisition

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FirstBank halts core migration amid PNC acquisition

PNC to acquire FirstBank for $4.1B

Tether to launch new US stablecoin, Bo Hines to lead project

At least one VC is using AI for all investment decisions

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